RSM Australia

Tax insights

GST withholding for certain taxable supplies of property from 1 July 2018

24 May 2018
The Federal Government has passed legislation that will require purchasers of new residential property sales to remit the GST directly to the Australian Taxation Office (ATO) as part of settlement. The measures were first announced in last year’s Federal Budget. The legislation specifies: 

Budget falters on R&D tax (and how this impacts startups)

24 May 2018
It’s the third budget handed down by Treasurer Scott Morrison and for those of us in the innovation space, a whole lot to digest. After poring over the detail, I’ve created a summary of notable items for your reading pleasure (disclaimer: it’s not all pleasant).

Junior Minerals Exploration Incentive - Get in quick!

15 May 2018
The Exploration Development Incentive (EDI) was replaced by the Junior Minerals Exploration Incentive (JMEI) for the 2018 to 2021 years. JMEI applications for the 2019 year must be electronically submitted between 1 June and 30 June 2018.

R&D tax due diligence important for SMSF investors

3 May 2018
With the leading businesses in the world now being technology and intellectual property-based rather than physical asset-based businesses, investors are looking more proactively for early-stage companies that have similar characteristics.

Fringe Benefits Tax  – ATO Focus Areas

24 April 2018
With Fringe Benefits Tax (“FBT”) returns due for lodgement in May, the Australian Taxation Office (“ATO”) has highlighted common FBT errors that may attract further scrutiny.

Tax Deductibility Inquiry

2 March 2018
Last week the government tabled its response to the recent inquiry of the House of Representative's Standing Committee on Economics regarding tax-deductible expenses.

GST on residential premises - legislation delayed

19 January 2018
The Bill containing the legislation dealing with GST on property transactions will not be introduced into parliament until the autumn parliamentary sittings at the earliest, but it is our understanding that there is no change to the commencement date for the new regime, which remains 1 July 2018.

Fringe Benefits Tax – When is private vehicle use exempt?

19 December 2017
ATO releases draft guidelines to assist employers determining Fringe Benefits Tax (FBT) exemptions for employee’s private use of vehicles.  The draft Practical Compliance Guideline (PCG) considers FBT exemptions often used by employers in respect of utilities, vans and eligible dual cabs.

ATO extends lodgement date for Country-by-Country Reporting

24 November 2017
The Australian Taxation Office (“ATO”) announced this week an extension of the due date for lodgement of the Country-by-Country report, master file and local file (collectively “CbCR”), from 31 December 2017 to 15 February 2018 for taxpayers with an income year ended on 31 December 2016.

New GST Legislation released - Developers and Home Builders beware

10 November 2017
On 6 November 2017, Treasury published an Exposure Draft of legislation that will require purchasers of new residential premises and lots in new residential subdivisions to pay an amount equal 1/11th of the

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